Hard Currency finds non-metros lucrative for business

Brand Hard Currency was launched by Paresh Chandan in 1995 as an exclusive denim brand only for men. “At present, we have two brands in our portfolio: Hard Currency and 10 Pounds. 10 Pounds offers denim for kids and jeans for women. Hard Currency deals exclusively in men’s jeans and cotton trousers,” informs Unita Chandan, Creative Director Hard Currency.

The fabrics used are: cotton, twill, dobby, water repellent and oil resistant fabrics and for denims it is knit denim and dobbies. “We have our own production unit with a capacity of about 600 shirts a day,” discloses Chandan “Most of the production work is done in-house but a part of it — which deals with men’s jeans, kids cotton trousers and women’s jeans — is outsourced.” Sharing her insight on brand play in metros she says, “All flourishing brands are barely present in metros as they target Tier II and III cities. There is too much competition between brands in the metros as against non-metros. There is a rise in income levels in non-metros, this coupled with the fact that consumers are largely becoming conscious and well informed is changing market dynamics and making this segment more lucrative.”

Retail and product basket

The brand handles its retail through direct distribution to agencies and caters to more than 450 MBOs across Kerala, Karnataka, Andhra Pradesh, Gujarat, Jharkhand, Madhya Pradesh, Uttar Pradesh and Bihar. However, they are yet to step into the EBO and LFS segment. Though are also not present online as they see too many challenges in the online format. The brand is also present in the Middle Eastern market.

Both Hard Currency and 10 Pounds have a huge basket of colourful denims and trousers for men, women and kids. The collection include: denims in all shades, besides regular blues. Over dyed colours like khaki, camel and grey have seen much experimentation and are doing extremely well. In the brands cotton trouser section, basic colours popular in the market have been used. Most of the brand’s denim collection is manufactured in knit and dobby denim.

Chandan is positive about GST as, brands within the Rs 999 price range need not worry. However, as for GST’s impact, she prefers to wait and watch.